At present,enterprises are facing an important challenge of strategic transformation and upgrading,and the characteristics of the top management team(TMT)plays a significant role in shaping the decision-making process.This paper focuses on Chinese A-share listed companies from 2010 to 2022 as research samples,and finds a significant non-linear U-shaped relationship between the top management team stability and the aggressiveness of the company's strategy.That is,the relatively stable top management team,constrained by organizational inertia,is less likely to make radical strategic change decisions.However,once the stability of top management team reaches a certain level,the cohesion accumulated by the team can stimulate them to engage in aggressive strategic adjustments.Further research finds that the increase of market competition and the increase of educational heterogeneity of the top management team significantly enhance the non-linear U-shaped impact relationship between the top management team stability and the strategic aggressiveness.Moreover,the impact of top management team stability on company value also exhibits a non-linear U-shaped relationship,implying that the economic effect of the top management team stability is not simply characterized by"no change,no progress"but there are phase differences.
关键词
高管团队稳定性/高管变更/战略激进度/高管团队异质性
Key words
TMT stability/top management turnover/strategic aggressiveness/heterogeneity of TMT
维普
万方数据